Originally published by Wealth Daily
What are foreign buyers looking for when deciding to purchase real estate in the United States?
Three things: attractive prices, economic stability, and incredible investment opportunities.
According to the National Association of Realtors, from April 2013 to March 2014, total international sales were estimated at $92.2 billion, which is a huge increase from the previous period’s level of $68.2 billion.
So where are these investors coming from? And where are they looking?
A Jet-Set Destination
Most of these affluent buyers are coming not only from Montreal and Toronto but also from England, France, Brazil, Venezuela, China, and Hong Kong.
And they’re headed down south.
During the 1930s to 1950s, Miami Beach was known as the jet-set destination, offering miles of sandy beaches, beautiful weather, and vibrant scenery. And to this day, Florida — especially Miami — remains the destination of choice for international buyers.
According to this year’s annual survey by Knight Frank, a London real estate consulting firm, Miami is now number seven on the list of favorite cities — ahead of Paris and Dubai and up from eighth place in 2013.
We know it’s ranked high as a luxury real estate hot spot, but why?
Recently, Miami has seen a great deal of growth, and the city continues to grow rapidly. This reality has become very attractive for anyone looking for a new job or new investment opportunity.
In addition, Miami is becoming one of the best places for investing in real estate — whether it’s a part-time vacation home or a vacation rental.
The future for Miami is very bright. The area is full of opportunities and highly desired locations, and this has helped the luxury real estate market to boom.
Where the Rich Play
Miami is uniquely qualified to understand the characteristics and trends associated with the prestigious real estate market.
The city thrives on its cultural representation, which offers the internationally renown Miami City Ballet, the Miami Symphony Orchestra, major art museums, and world-class food, art, and cultural events such as The Food and Wine Festival.
Of course, the weather is a huge draw — but the city also makes sense economically.
Florida is the ultimate tax-friendly state. No personal state income tax to pay, and no state inheritance tax.
With the attraction of cruise ships coupled with the area’s luxury retail outlets, daily flights to major world centers, and a growing financial district, it is obvious that Miami allows wealthy homebuyers access to first-class recreation and international business centers.
According to Joelle Oiknine, Luxury Realtor with One Sotheby’s, developers are building new condos to be increasingly luxurious and spacious, offering unparalleled ocean and bay views with resort-style amenities such as pools, beach service, restaurants, hotel-style spas, dedicated concierge, and valet.
For example, new condos such as Oceana, The Mansions, Porsche, Armani, Jade, Glass, and SLS offer full-floor condominiums, two-story penthouses, private pools, rooftop terraces, outdoor kitchens, staff rooms, etc.
“Hoteliers are now partnering with developers in offering full service five and six star hotel amenities to condo owners, offering resort living with ownership. Condo hotels also offer owners the opportunity to make substantial income by putting their condo in the rental pool, when not in use. Rental income can be as high as $30 to $50 thousand a month,” says Oiknine.
Miami is where the rich not only play but also stay. The global city attracts some of the wealthiest investors in the world, and supply is actually low.
It was one of the cities to recover most quickly from the recession, and four years of continued growth since means it’s time to look at Miami as a long-term real estate option.
Original article can be found here . Published September 16, 2014 by Wealth Daily.